Retail Reborn Episode 1: How Trauma Transforms the Consumer Psyche

The creator has shared a Podcast.You will want to simply accept and consent to the usage of cookies and related applied sciences by our third-party companions (together with: YouTube, Instagram or Twitter), so as to view embedded content material on this article and others you might go to in future.Settle for

Uncover what’s subsequent in retail. Obtain Brookfield Properties’ white paper in the present day.

LONDON, United Kingdom — In an unique new podcast sequence introduced by Brookfield Properties, BoF investigates the seismic shifts remodeling the retail ecosystem. From the post-pandemic shopper psyche to elevated danger and rising requires duty, we establish the brand new fundamentals of a reborn retail business.

Episode 1 begins by analyzing the shift in shopper psyche, as prospects proceed to grapple with the emotional and financial trauma of the Covid-19 pandemic.

“It’s no exaggeration to say that the Covid-19 pandemic might certainly be probably the most sustained and life-altering occasion most of us will expertise,” says host Doug Stephens, founding father of Retail Prophet. “Add to this the degrees of social unrest and battle we’ve witnessed to date in 2020 and it provides as much as important psychological trauma for many shoppers.”

“The cognizance of loss of life — and our innate worry of it — drives a lot of our aware and unconscious behaviour,” says social psychologist Sheldon Solomon PhD, a thought chief in terror administration idea whose analysis identifies how pure and financial disasters create “mortality salience” — unpredictable and rapid reminders of loss of life, prompting shoppers to show to cash and items for safety.

“When persons are going to die, they worth cash extra. They’re extra enthusiastic about sure sorts of luxurious objects. For some individuals, the acquisition of cash and stuff is actually a death-denying fetish,” continues Solomon.

Nevertheless, as shopper sentiment shifts past rapid worry, and the urge to spend evolves past the acquisition of product to now embody experiences, private transformations, even enduring legacies, the retail sector is properly positioned to reply rising shopper wants.

Pay attention out for episode 2 on reimagining provide chains to mirror the instances we dwell in.

To find how retail’s rebirth will impression your corporation and be taught important, actionable insights into the challenges and alternatives retail’s new ecosystem will deliver, follow the series to make sure you by no means miss an episode.

Skilled Commentators:

Sheldon Solomon PhD is a social psychologist and professor of psychology at Skidmore College in New York, and a world-renowned researcher into loss of life and its impression on shopper behaviour. Solomon is considered one of three researches credited for growing Terror Administration Idea and is the creator and co-author of greater than 100 educational articles and several other books, together with Within the Wake of 9/11: The Psychology of Terror.